05 LC 34
0221
Senate
Resolution 120
By:
Senators Hudgens of the 47th, Cagle of the 49th, Mullis of the 53rd, Johnson of
the 1st, Stephens of the 27th and others
A
RESOLUTION
Requesting
that the congressional delegation of the State of Georgia work to pass social
security personal retirement accounts; and for other purposes.
WHEREAS,
demographic changes and cost increases will drain the existing social security
system; and
WHEREAS,
without significant changes to the system, costs will exceed revenues starting
in 2018 and the system will not be able to pay any benefits by 2042;
and
WHEREAS,
not reforming the system will require a tax increase on every working American
or a benefit cut; and
WHEREAS,
allowing younger workers to invest a portion of their income in personal
retirement accounts will keep the social security system solvent;
and
WHEREAS,
allowing younger workers to invest a portion of their income in personal
retirement accounts will avoid any reduction of benefits and/or tax increase;
and
WHEREAS,
allowing younger workers to invest a portion of their income in personal
retirement accounts will provide additional savings to younger workers for
greater retirement security.
NOW,
THEREFORE, BE IT RESOLVED BY THE SENATE that this body hereby urges our elected
Representatives and Senators in the United States Congress to support no
increases in payroll taxes, no cuts to social security benefits, and optional
social security personal retirement accounts.
BE
IT FURTHER RESOLVED that the Secretary of the Senate is authorized and directed
to transmit appropriate copies of this resolution to the congressional
delegation of the State of Georgia.